The Brazil Securities Commission (CVM) published the outcomes of four enforcement cases decided on Oct. 27, 2026, including a BRL 16,122,750 fine and disqualification for 15 years for former Petrobras executive Nestor Cuñat Cerveró over the Pasadena refinery acquisition. Separate rulings imposed sanctions for periodic reporting and shareholding disclosure failures and acquitted six Rio Paranapanema Energia administrators over votes approving management accounts.
Cerveró received an improper benefit from the seller to secure Petrobras’ approval of the initial acquisition, constituting abuse of power and a breach of the duty of loyalty. His fine equals three times the economic benefit obtained, and the disqualification bars him from serving as an administrator or fiscal council member of a publicly held company. Charges against 10 other Petrobras administrators were time-barred. If that finding were overturned, the decision provides for acquittal on the merits of the duty of care allegations. Proceedings against Paulo Roberto Costa ended following his death.
In the Auzza Securitizadora case, four administrators received fines totaling BRL 360,000 for periodic reporting breaches. Two also received warnings over failure to hold the annual general meeting within the legal deadline. All four were acquitted of failing to prepare standardized financial statements for 2023, while proceedings against another defendant were dismissed without a ruling on the merits. GBMF Portfolio Solutions, formerly REAG Portfolio Solutions, received a warning for failing to notify Usiminas promptly of a significant shareholding acquisition. Sanctioned parties may appeal to the National Financial System Appeals Council, with the penalties suspended pending appeal.